Oct 2, 2019, 5:57 PM
Journalist ID: 2078
News Code: 83500907
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France calls for trade war ceasefire between US, Iran: Envoy

Tehran, Oct 1, IRNA - France is seeking to set up an economic ceasefire between the US and Iran, French envoy to Iran said on Wednesday. 

“The proposal for a credit line between the European Union and Iran was one of the solutions by French President Emmanuel Macron to resolve the problems caused by the US government,” said French Ambassador to Iran Philippe Thiébaud in a meeting with masoud Khansari, President of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) on Wednesday. 

Thiébaud said that there are many French companies that want to keep trade ties with Iran and that the French government is convincing Small and Medium sized Enterprises (SMEs) to continue trade relations in Iran in the wake of US sanctions. 

He added that three European countries Germany, France and the UK, that are signatories to the 2015 Iran nuclear deal, are trying to set up a lasting financial mechanism between Iran and the European Union (EU). 

The French envoy was referring to INSTEX (Instrument in Support of Trade Exchanges) that has been set up by the three European countries to offset the consequences of the US unilateral sanctions on Iran. 

He said that Europe is also waiting for a parallel Iranian system to be functional. 

Thiébaud was referring to the Special Trade and Finance Instrument (STFI) between Iran and Europe that was set up in April by Tehran. 

The two systems haven’t finalized any transaction yet.  

He said that new INSTEX president will travel to Iran at the end of October to meet with Iran’s private sector companies to accelerate the implementation of the financial channel. 

TCCIMA President Khansari stressed that Iranian mirror company has been established and is ready to engage in financial transactions with Europe. 

He called for injection of capital to INSTEX to start transactions between Iran and Europe. 

Khansari warned that other countries will replace European states if INSTEX isn’t implemented fast. 

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